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How Much Canadians Typically Have in a TFSA by Age 50 [Yahoo! Finance Canada]

MercadoLibre, Inc. (MELI) 
Last mercadolibre, inc. earnings: 2/10 04:01 pm Check Earnings Report
After all, the funds held in a TFSA provide tax-free growth over the long term, a huge benefit for retirees, when it actually comes time to start pulling money out of one's retirement funds. Here are a few facts about the average TFSA balance for Canadians at age 50, what it should be, and pitfalls to consider (so they can be avoided). Average TFSA at age 50 Recent Canada Revenue Agency (CRA) data paints a sobering picture. The typical 50-year-old Canadian has around $30,000 in their TFSA as of the 2023 tax year, though some estimates peg it closer to $25,000-$30,000 depending on the cohort. What's important to consider about this number is that it's inclusive of all the capital gains investors have seen over the past 15 years (since the inception of the TFSA). In other words, the amount of invested capital Canadians have collectively put to work in this powerful retirement savings vehicle is far lower than that number, considering the reality that the TSX is still hovering arou Show less Read more
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